Malaysia: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Malaysia

The Malaysian market for processed petroleum oils and distillates fell markedly to $X in 2022, which is down by -21.1% against the previous year. In general, consumption recorded a abrupt descent. Processed petroleum oils and distillates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Processed Petroleum Oils and Distillates in Malaysia

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. Overall, production saw a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from Malaysia

After two years of growth, overseas shipments of processed petroleum oils and distillates decreased by -4.3% to X tons in 2022. In general, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +29.0% against 2019 indices. The pace of growth was the most pronounced in 2016 when exports increased by 37% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank slightly in the following year.

In value terms, processed petroleum oils and distillates exports shrank significantly to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 62% against the previous year. As a result, the exports attained the peak of $X, and then dropped significantly in the following year.

Exports by Country

Myanmar (X tons) was the main destination for processed petroleum oils and distillates exports from Malaysia, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Myanmar totaled +107.1%.

In value terms, Myanmar ($X) emerged as the key foreign market for processed petroleum oils and distillates exports from Malaysia.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar totaled +86.9%.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, waning by -15.6% against the previous year. In general, the export price saw a deep contraction. The pace of growth appeared the most rapid in 2021 when the average export price increased by 49% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Myanmar.

From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to -3.4% per year.

Imports of Processed Petroleum Oils and Distillates

Imports into Malaysia

In 2022, imports of processed petroleum oils and distillates into Malaysia contracted sharply to X tons, declining by -16.6% on the previous year. Overall, total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +24.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 50%. As a result, imports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, processed petroleum oils and distillates imports plummeted to $X in 2022. Over the period under review, imports continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2021 when imports increased by 50% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Singapore (X tons) constituted the largest processed petroleum oils and distillates supplier to Malaysia, with a 74% share of total imports. Moreover, processed petroleum oils and distillates imports from Singapore exceeded the figures recorded by the second-largest supplier, China (X tons), eightfold. India (X tons) ranked third in terms of total imports with a 9% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore totaled +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+27.9% per year) and India (+22.0% per year).

In value terms, Singapore ($X) constituted the largest supplier of processed petroleum oils and distillates to Malaysia, comprising 74% of total imports. The second position in the ranking was held by China ($X), with a 9.3% share of total imports. It was followed by India, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore totaled -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.5% per year) and India (+13.4% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, standing approx. at the previous year. In general, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 29% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Brunei Darussalam ($X per ton) and China ($X per ton), while the price for Japan ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :